Accounting Information Systems
11th Edition
ISBN: 9781337552127
Author: Ulric J. Gelinas, Richard B. Dull, Patrick Wheeler, Mary Callahan Hill
Publisher: Cengage Learning
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Textbook Question
Chapter 13, Problem 2DQ
This chapter discusses both fraud and non-fraudulent losses in the AP/CD process. Describe any losses you have encountered in your personal bill paying process. Did you change any aspect of your bill paying process after the loss(es) you encountered?
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To gather audit evidence related to accounts receivable, the client should mail the confirmation requests.
TRUE OR FALSE? WHY?
Provide an appropriate response based on the following scenarios.
Assume that the accounting clerk posts a customer’s payment for the wrong amount, giving the customer credit for less than he or she actually paid. How will this error be detected? How might this error have been prevented?
Assume that the employee who opens the mail steals a customer payment. How will this theft be detected? How might this theft have been prevented?
Write a short note on "Accounting Frauds"
Chapter 13 Solutions
Accounting Information Systems
Ch. 13 - Prob. 1RQCh. 13 - What primary functions does the AP/CD process...Ch. 13 - Prob. 3RQCh. 13 - What are the fundamental responsibilities of the...Ch. 13 - Prob. 5RQCh. 13 - Prob. 6RQCh. 13 - Prob. 7RQCh. 13 - Prob. 8RQCh. 13 - How does EDI improve the effectiveness and...Ch. 13 - What is EIPP? How does it improve the efficiency...
Ch. 13 - What are the two operations process...Ch. 13 - Prob. 12RQCh. 13 - Prob. 13RQCh. 13 - Prob. 14RQCh. 13 - Prob. 1DQCh. 13 - This chapter discusses both fraud and...Ch. 13 - Prob. 3DQCh. 13 - Prob. 4DQCh. 13 - Prob. 5DQCh. 13 - Prob. 6DQCh. 13 - Prob. 1SPCh. 13 - Prob. 2SPCh. 13 - Prob. 3SPCh. 13 - Prob. 4SPCh. 13 - Prob. 5SPCh. 13 - Prob. 6SPCh. 13 - Prob. 4PCh. 13 - Our narrative and DFDs are created assuming that...Ch. 13 - Prob. 6PCh. 13 - Prob. 7P
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, finance and related others by exploring similar questions and additional content below.Similar questions
- What are your key takeaways from the receivables audit? How critical is receivables to the business? Do you have any experience auditing or managing receivables in your personal life, company, or place of employment?arrow_forwardWhat was the motivation for Marrone’s Bio’s accounting fraud?arrow_forwardWhat are your takeaways from the audit of receivables? How crucial is the role of receivables to the company? Do you have experience in auditing or handing receivables in your respective personal matters, business, or employment?arrow_forward
- Which of the following most likely would be included with the client’s confirmation letter, when an auditor decided to confirm customers’ account balances rather than individual invoices.? Select one: a. An auditor-prepared letter requesting the customer to supply missing and incorrect information directly to the auditor. b. A client-prepared letter reminding the customer that a nonresponse will cause a second request to be sent. c. A client-prepared statement of account showing the details of the customer’s account balance. d. An auditor-prepared letter explaining that a nonresponse may cause an inference that the account balance is correct.arrow_forwardWhich of the following tasks should the cash disbursement clerk NOT perform?a. review the supporting documents for completeness and accuracyb. prepare checksc. approve the liabilityd. mark the supporting documents paidarrow_forwardCite any example of an accounting fraud.What actions were taken by the authorities after that?arrow_forward
- Discuss the pros and cons of putting a subject on notice in a fraud investigation. Please provide references if any with URL.arrow_forwardYou are auditing the balance in the prepaid insurance account for your audit client. a) Name and briefly define two audit assertions that might apply for the prepaid insurance. b) For EACH of these assertions, give ONE audit procedure that would be used. Explain how that procedure would be applied. What? When? Who? etc.arrow_forwardAllison Everhart, an employee in accounts payable, believes she can run a fictitious invoice through the accounts payable system and collect the money. She knows payments are subject to an audit. Which account would be the best place to hide the fraud?a. Inventory.b. Wage expense.c. Consulting service expense.d. Property tax expense.arrow_forward
- During the confirmation of accounts receivable, an auditor receives a confirmation via the client’s fax machine. Which of the following actions should the auditor take?a. Not accept the confirmation and select another customer’s balance to confirm.b. Not accept the confirmation and treat it as an exception.c. Accept the confirmation and file it in the working papers.d. Accept the confirmation but verify the source and content through a telephone call to the respondent.arrow_forwardHow can you tell the difference between accounting mistakes and accounting fraud in financial statements?arrow_forwardHow CSR related to accounting fraud?arrow_forward
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